Ballooning energy bills

The increase in energy prices has become "unbearable" for EU citizens and companies, a European response is needed.

Driven by growing international demand and a sudden economic recovery, natural gas prices have steadily increased since the turn of the year and then began soaring during the summer when sweltering temperatures pushed people to use air conditioning and cooling systems.

The energy crunch is resulting in ballooning bills for citizens across the continent, particularly those who have a variable-price contract (as opposed to fixed-price) with their electricity providers and are therefore subject to the fluctuations of the market.